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In a perfectly competitive market, the demand curve facing an individual firm's product is a horizontal line at the market price. What does this imply about the firm's ability to influence the price?
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3. Supply and Demand
The Basics of Demand
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A demand curve shows the relationship between price and _________________ on a graph.
A
total revenue
B
consumer surplus
C
quantity demanded
D
quantity supplied
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Understand that a demand curve represents how much of a good consumers are willing and able to purchase at different prices.
Recall that the demand curve plots the relationship between the price of a good (on the vertical axis) and the quantity demanded (on the horizontal axis).
Recognize that 'quantity demanded' refers to the amount of a good consumers want to buy at a specific price, which changes as the price changes.
Note that total revenue, consumer surplus, and quantity supplied are related concepts but are not what the demand curve directly shows.
Conclude that the demand curve shows the relationship between price and quantity demanded on a graph.
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